In More About Term Life Insurance

September is National Life Insurance Awareness Month, a month dedicated to raising awareness about the importance of having adequate life insurance coverage. This month is an excellent opportunity for all individuals to learn about how term life insurance is a straightforward, affordable way to ensure financial security for your family.

Term Life Insurance Statistics in the U.S.

These figures show that many people either lack life insurance or do not have enough coverage to protect their families.

Key Questions to Consider for Term Life Insurance

Purchasing a term life insurance policy is an important decision to make for yourself and your family. We understand that you’ll have some questions to ask beforehand. Here are a few questions our team thinks are important to discuss with your family and with us.

Questions to Ask Yourself

Do I have enough coverage?

  • Aim for coverage that is 10-12 times your annual income.

When did I last review my policy?

  • Regularly reviewing your policy ensures it meets your current needs.

Who is my beneficiary?

  • Make sure your beneficiary designations are up-to-date and accurate.

Questions to Ask Your Agent

What is the term length?

  • Understand the available term lengths (10, 20, 30, or 40 years, for example) and choose one that fits your needs.

How does the cost change over time?

  • Ask if there are any reasons your rates would increase during your term such as health issues, etc.

Does my policy contain any exclusions or limitations?

  • Be aware of what is and isn’t covered by the policy.

Considerations When Purchasing Term Life Insurance

Choosing the right term life insurance policy involves several considerations:

Coverage Amount

A common rule of thumb to ensure it will provide your family with sufficient coverage is to purchase a policy worth 10-12 times your annual income.

Term Length

Your term life insurance policy should align with your life: if you have a mortgage and young children, you’ll want to purchase a policy with a term length that aligns with these timelines.  As a general guideline, we recommend maintaining your term life insurance coverage to the age of 70.

Affordability

Having life insurance is important, but even more so is making sure you aren’t purchasing coverage outside of your financial means. Our team prioritizes providing you the right policy at the right price.

Regular Policy Reviews 

Regularly review your policy to ensure it remains adequate as your life circumstances change.

Reach out to our team today!

National Life Insurance Awareness Month is the perfect time to reassess your life insurance needs and take the steps you need to secure your family’s financial future. Whether you’re uninsured or simply need to update your existing policy, our team is here to answer your questions and help you make an informed decision. 

We are committed to helping you find an affordable, comprehensive term life insurance policy tailored to your needs. 

Reach out to us today for a free, personalized quote.